The smart contract network, Ethereum, is getting ready for a new update. The Ethereum Foundation reported, this Thursday, July 15, that the block in which the improvements that come with the hard fork, London, will be activated has already been defined.
According to the organization, the EIP proposals(Ethereum Improvement Proposals) they’ll hit the main grid in block 12,965,000. According to estimates by programmers, the event will occur between August 3 and 5, that is, if the nearest date is taken into account, there would be only 18 days left for the update.
Before revealing the London release date, the developers successfully completed the deployment and evaluations of the EIP on the Ropsten test network. Now enhancements to the Ethereum network will be deployed on the main blockchain, so the developers ‘ call is for users to update their nodes with the latest versions of their customers.
“To be compatible with the London update, node operators will need to update the client version they use. Versions, listed below, for each client, they are compatible with London in the core network of Ethereum,” explained Tim Beiko, a member of the foundation, in reference to programs, go-ethereum (1.10.5), Nethermind (1.10.77), Erigon (2021.07.03-alpha), Besu (21.7.1), OpenEthereum (v3.3.0-rc.4) and EthereumJS (VM, v5.5.0).
According to Ether Nodes estimates, the network update would arrive on August 5 at 5: 00 am, Venezuela time, in case the same behavior of the network is maintained. Currently, the chain is in block 12,832,209, so there would still be about 132,790 blocks to process.
Another striking point is that only 9.7% of nodes have upgraded to the latest versions of their customers. In total, about 200 active nodes are those who have installed the software and configured their computers for what will be the update.
Ethereum would decrease fees on the network
London is one of the most anticipated updates or bifurcations and contains up to five EIPs, among which is the 1559. The proposal changes the way in which commissions are paid on the network, which has generated criticism from the miners ‘side and support from the users’ side.
Miners claim that their work will be affected as their income could be reduced, while users applaud it because they would minimize commission payments. In this case, each transaction will pay a base commission (a part of this fee will be burned) and the tip figure for miners is set.
In theory, the implementation will decrease the gas that is paid in operations and would turn ether, as a native crypto asset, into one with deflationary characteristics.